What three luxury homes reveal about who owns UK property
Owners of around 50,000 UK properties held by foreign companies remain hidden from public view, despite new transparency laws.
As a result, under a law passed in February 2022 in response to Russia's invasion of Ukraine, ministers said anonymous foreign companies seeking to buy UK land or property would be required to reveal full details of the individuals who ultimately owned them. Overseas organisations that already owned land in the UK were given a six-month period to do the same.
To understand how the law is and isn't working, it helps to look at three very expensive properties. The first is a pair of luxury apartments. Another is a sprawling £48m estate in north London, the third a £10m country mansion.For instance, look at the two luxury flats in central London worth an estimated £11m.
Mr Shuvalov's spokesperson told the BBC last year that these issues "have been the subject of competent government audits", and that "no complaints were ever filed". The owner is given as Hanley Limited, an Isle of Man company. And in turn the beneficial owner of Hanley Limited is Swiss company Pomerol Capital SA, which controls it as part of a trust structure.That is because companies owned through trusts - as opposed to other set-ups - are exempt from having their beneficial owner information made public on the register.
But around half of offshore firms with property in England and Wales - approximately 15,000 - had no matching record in the property register before last week's government deadline. Among these is Uart International, a Panamanian company that, according to Land Registry records, acquired a countryside mansion in 2008., a leak of almost 12 million files, the property was owned through an offshore corporate network controlled by Vladimir Chernukhin and his wife, Lubov.
Under the new regulations, another anonymous offshore firm should not be named as the owner of a company with UK property.
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